Here are eight reasons why every salesperson needs to know business finance:
1. You know your own business better
The sales process is wrought with financial implications for your company. Understanding these implications helps you better understand the impact that each new customer could have–both good and bad. This ultimately improves your company’s bottom line, making both you and your company happier.
2. You better understand your customers’ needs
By being able to recognize your customers’ business structure, costs, and objectives, you can sell more strategically, targeting your customers’ hot issues and gearing your pitch towards their goals.
3. You gain a competitive edge
Understanding basic finance puts you ahead of your competitors who don’t understand customer economics the way you do. Simply put, you will be able to show understanding and empathy for your client’s business challenges better than the competition.
4. Customer meetings become more efficient
Preparation for customer meetings will be faster and easier, saving you and your company time and money.
5. You can climb the career ladder faster
As you progress in your career, you will be increasingly exposed to financial decisions. Having adequate background knowledge enables you to make the right choices and move up in your career.
6. You become better equipped to study company reports
Basic finance skills help you understand balance sheets, and therefore present more accurate company analyses.
7. Your prospecting becomes more efficient
You will be able to assess the financial health of your prospects and be aware of pressure points a client is under before you make your sales call.
8. You get better at pricing
You’ll know which factors affect pricing decisions, which helps you use different strategies for different industries and sectors.
Can you afford to not know finance?
At Celemi we preach learning by doing, and teach our clients through our various
business simulations. Learn more about how to become a
finance pro.